Official economic data released today, Thursday, showed that Singapore's manufacturing sector continued to grow last month, supported by increased production in the electronics sector.
Manufacturing output rose by 5.8% year-on-year in November, following a slight growth of 9% in October and 9% in September. However, the growth rate for the manufacturing sector last month was lower than analysts' expectations, which were surveyed by Bloomberg, forecasting a 9.7% annual growth.
Excluding the more volatile biomedical products sector, manufacturing output grew by 13%, according to data from the Economic Development Board. Yen Nee Lee, Senior Risk Analyst at the Economic Development Board, commented before the data was released: "We expect industrial output to grow last month after a 1.2% growth in October. Export demand remains strong, and the semiconductor industry is still in an upward cycle," according to the German Press Agency (DPA).
